The Commercial Bank of Qatar delivered a net profit of QR274 million ($75 million) for Q1 2016 compared to QR462 million in Q1 2015 last year.

Net operating income reached QR929 million, while net profit was up 177 per cent to QR274 million as compared to previous quarter.

Total assets were up 6.2 per cent to QR123.3 billion as compared to Q1 2015.

Customer loans and advances increased by 5 per cent to QR75.5 billion as compared to Q1 2015.

Sheikh Abdullah bin Ali bin Jabor Al Thani, chairman of Commercial Bank, said: “Despite the current economic conditions, Commercial Bank continues to benefit and support sustainable growth of the economy of Qatar as it diversifies under the guidance of our wise leader, HH Sheikh Tamim bin Hamad Al Thani. Growth prospects for the economy remain strong, as the government maintains its public infrastructure investment, supported by government borrowing and significant fiscal reserves.” – TradeArabia News Service